Registered number
04755084
XORIANT UK LIMITED
Audited Filleted Accounts
For the year ended 31 May 2023
XORIANT UK LIMITED
Registered number: 04755084
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,677 -
Current assets
Debtors 5 139,851 523,493
Cash at bank and in hand 268,702 43,884
408,553 567,377
Creditors: amounts falling due within one year 6 (765,620) (820,615)
Net current liabilities (357,067) (253,238)
Net liabilities (355,390) (253,238)
Capital and reserves
Called up share capital 1 1
Profit and loss account (355,391) (253,239)
Shareholders' funds (355,390) (253,238)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Sukamal Banerjee
Director
Approved by the board on 19 February 2024
XORIANT UK LIMITED
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipments 25% reducing balance
Work in Progress (Amount recoverable on contracts)
Provision has been made for unbilled work as "work in progress" using the provision of FRS 102 for partially completed service contracts.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Going Concern
The accounts are prepared on a going concern basis notwithstanding the fact that the company balance sheet has a negative equity. The company has loans due to group undertakings which are interest free loans and will not be recalled and the company will continue to receive financial assistance until such time the company can financially sustain itself.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Mr Opinder Singh Sawhney
Firm: Sawhney Consulting Limited
Date of audit report: 21 February 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
4 Tangible fixed assets
Computer equipments
£
Cost
At 1 June 2022 1,282
Additions 1,715
At 31 May 2023 2,997
Depreciation
At 1 June 2022 1,282
Charge for the year 38
At 31 May 2023 1,320
Net book value
At 31 May 2023 1,677
5 Debtors 2023 2022
£ £
Trade debtors 62,711 420,858
Amounts recoverable under contract - 67,897
Other debtors 77,140 34,738
139,851 523,493
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 11,154 2,577
Amounts owed to group undertakings 650,649 736,215
Taxation and social security costs 1,468 1,456
Other creditors 102,349 80,367
765,620 820,615
7 Controlling party
The ultimate controlling company is Xoriant Corporation a company registered in United States Of America with registered office address 1248 Reamwood Ave, Sunnyvale, CA 94089, USA
8 Other information
XORIANT UK LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Harrow Business Centre,
429-433 Pinner Road, North Harrow,
Middlesex
United Kingdom
HA1 4HN
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